Tragedy befell the internet earlier this week when New York state officials seized and killed a much-beloved pet, Peanut the Squirrel, and crypto markets mourned the loss with a massive PNUT price pump.
The meme coin market move was triggered after officers from the Department of Environmental Conservation stormed Mark Longo’s house last Wednesday to seize Peanut the Squirrel.
Peanut was a squirrel rescued by Mark seven years prior and had been under his care as Longo shared snapshots of the Squirrel’s home life on social media.
Officers also seized Peanut’s mate Fred, a Racoon similarly rescued by Longo; however, in a controversial move, tragedy swept the case after grizzly details emerged surrounding the euthanization of both animals.
Make sure everyone you know hears the story of Peanut the squirrel and Fred the raccoon. The Democrats went too far this time. They raided this man because a hater reported them for having these pets. New York stole the animals and KILLED them. This is the Democrat Party. pic.twitter.com/e5A9jkbLiS
— Robby Starbuck (@robbystarbuck) November 2, 2024
Needless to say, the tragedy fuelled the internet into action in an energy reminiscent of the RIP Harambe movement of 2016.
The crypto community responded quickly with the launch of PNUT crypto, a meme coin in honor of the loveable creature, yet, in a devastating blow to mourners, PNUT’s price crashed just after things got lively – let’s take a look.
PNUT Price Analysis: Is Peanut The Squirrel Doomed After Price Crash?
As Peanut the Squirrel fights to recover from the dramatic price crash, PNUT is currently trading at a market price of $0.0697 (representing a 24-hour change of +44.8%).
The upside gains come on the tail end of a -80% PNUT price crash during Yesterday’s trading, after a sell-off was triggered at an all-time high of $0.135.
Now in recovery mode, PNUT price caught a solid bounce at a defensive foothold around $0.032, enabling the army of 28.3k holders to establish a consolidation range between $0.3 and $0.6.
However, over the past few hours, PNUT price has broken out to the upside to smash back above support at $0.65 and test upper resistance at $0.9.
The upside move has heated up the RSI, with the key indicator reflecting the charged-up price action at a reading of 67—moderate bearish divergence.
Therefore, RSI readings suggest a potential consolidation is on the cards at these levels, which is reflected in the order book with 51% buy pressure over the past 6 hours.
Furthermore, a market cap of $75M also marks a strong level for consolidation ahead of a run at $100M, adding weight to the theory PNUT price could recover here ahead of a new ATH.
But while Peanut the Squirrel fights for recovery, a new meme coin project, Pepe Unchained, is just getting started on its dramatic run.
Pepe Unchained Targets $25M Milestone Ahead of Monumental Layer-2 Launch
Yet, while retail traders chase fleeting narratives like Peanut the Squirrel, smart money investors know that real money is made to get ahead of the next big trend.
Heading into November, Pepe Unchained is rapidly emerging as the next viral play, as its ongoing PEPU presale skyrockets to target a shocking $25M raised over the coming days.
At present, Pepe Unchained stands at $24.7M raised, with just 14 hours until token prices increase as part of a novel auction system that bakes in gains for early investors.
But the returns don’t stop there, with presale investors gaining access to a supercharged staking pool offering a market-beating 96% variable APY until the project launches later this year.
When the staking rewards are so high that they are raining down on you!
Pepe Approvespic.twitter.com/NxviGs6plK
— Pepe Unchained (@pepe_unchained) November 4, 2024
Yet, the genius in Pepe Unchained isn’t simply about getting a good deal ahead of the next big meme coin; it’s about recognizing the true value in a space clouded with thin-air projects and empty roadmaps.
Pepe Unchained is launching the next level to the Pepecoin ecosystem, a bespoke new Layer-2 designed for meme coin developers to harness their creativity for the cheapest possible deployment costs.
The team is putting its money where its mouth is, with the recent announcement of a new developer’s grant fund, Frens With Benefits, which aims to incentivize building on the new layer-2.
By funding dApp and meme coin project development on the new layer-2, Pepe Unchained will fuel the growth of an ecosystem to match the highly-scalable cross-chain bridge, and AI-charged block explorer.
Stay informed about the latest developments and announcements by joining the Pepe Unchained community on X (Formerly Twitter) and Telegram.
Visit Pepe Unchained.
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